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Staff share in BMT profits

CIVIL AND maritime engineering research and development consultant British Maritime Technology has restructured to give employees a greater share in the firm's success.

BMT has made employees with more than three years - service - from the directors down profit-sharing partners for as long as they stay with the firm.

The idea is based on a blueprint set by retail giant John Lewis Partnership.

In the past BMT, which has evolved from its roots as a government-owned organisation, had no true owners and was administered by a board of industry members. It will still be run by a board of directors, but trustees will now look after the interests of employees.

Chairman David Goodrich explained that the John Lewis model was 'legally, ethically and morally' the best way to take the company forward. Giving staff a share in the profits is hoped to encourage loyalty. Profit share income could amount to around 9% of salary after 10 years.

He added that, unlike traditional management buyouts, there would be no opportunity for directors to make huge personal financial gains.

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